EN 
ZH Singapore, 18 June 2015 – Cartrack, a leading provider of fleet management solutions, insurance telematics and vehicle tracking and recovery, today announced further expansion into Asia, building on strong financial results in 2015.
Based on the growing number of vehicles and the evolving telematics market, Cartrack believes there are huge growth opportunities in the Asian market. Leveraging existing offices in Singapore as a hub, new offices were opened this year in Malaysia, Indonesia, Thailand, Philippines and Hong Kong.
International expansion increased non-South African revenue as a proportion of total revenue from 17% in 2014 to 26% in 2015, following the release of Cartrack's first full-year results since listing on the JSE main board. Revenue increased by 32% to S$9.89 billion, and headline earnings increased by 16%.
More than half of Cartrack's business now comes from fleet management rather than stolen vehicle recovery. Evert Ong, CEO of Cartrack Singapore, said: “There has been considerable growth from SMEs and larger organizations looking to optimize their fleets and workforce.”
Overall, the global user base grew by 24% to more than 430,000 units. This growth includes fleet management user growth of 196% and stolen car recovery user growth of 35%.
Additionally, Cartrack has selected Singapore for its centralized location and business-friendly environment to establish a strategic hub to address Asia Pacific’s complex supply chain challenges.
"At Cartrack, we are focused on delivering solutions that help our customers better integrate the last mile of their supply chains to meet today's complex business needs," said Ong.
Ong also shared the company's upcoming plans to set up a research and development (R&D) and innovation center in Singapore. "It is interesting to see Singapore gradually rolling out various initiatives to support its vision of becoming a smart city, while we are also charting our own technology roadmap and strengthening our expertise in telematics," he added.
"There is no doubt that Singapore will be the ideal location to house our R&D team as we further drive innovation and find technological breakthroughs in our solution offerings," he concluded.
About Cartrack Technologies Asia Pte Ltd
Cartrack is a leading global provider of fleet management solutions, insurance telematics and vehicle tracking and recovery safety and security services. Cartrack collects raw data from telematics devices installed in vehicles and converts it into intelligent management reports, enabling businesses to maximize the operational efficiency of their vehicles and human resources, thereby realizing significant financial savings and competitive advantage. Founded in South Africa, Cartrack has earmarked Singapore as its global growth hub for countries outside Africa. Cartrack Technologies Asia currently has subsidiaries in the UK, Portugal, Spain, Poland, UAE, Malaysia, Philippines, Indonesia, Thailand and Hong Kong. For more information, please visit www.cartrack.com.hk/hk.
